Abu Dhabi Commercial Bank PJSC (ADCB) reported a 30 percent rise in its net profit before tax to AED 2.59 billion in the second quarter of this year.
On a half yearly basis, the rise in net profit before tax is at 28 percent to AED 5.02 billion.
On a post-tax basis, net profit for the first half was AED 4.45 billion and was AED 2.31 billion for the second quarter.
Abu Dhabi Commercial Bank (ADCB) records strong H1 2024 performance
The bank attributed its strong performance in H1’24 to the double-digit YoY growth in net interest income and non-interest income.
In the second quarter, the bank said it continued to grow market share through solid credit expansion, focused on high-quality credit counterparties to ensure effective capital deployment.
In line with the bank’s strategy to rebalance its lending portfolio, loans to government-related entities (GREs) have increased considerably over the last two years to 27 percent of total loans, from 23 percent in December 2022, while exposure to real estate investment has reduced significantly to 15 percent from 22 percent.
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